Living a luxury lifestyle isn’t just for celebrities. More and more people are finding ways to make their money last longer. It’s not just fun to buy and wear the designer brands. It is an important part of the luxury lifestyle. But there can come a time when the spending outweighs the income. This is a mistake you don’t want to make. Overspending doesn’t just lead to debts but can lead to serious problems with debt collectors! So how do you make it last? (Image by Megan Cole)
Increasing your income is one option. If your lifestyle requires a bigger pot of cash, it might be time to find other ways to generate money. You might choose to invest your cash in stocks or shares that can quickly be turned around for cash. Long term investments are easier to work with but rarely offer a monthly income from day one. What else is there?
Many celebrities and socialites make a lot of money from sponsorships and advertising. This is thanks to their huge online following. Social media can be used to generate a lot of interest in your personal brand. As your followers or friends increase, your advertising revenue will increase. You might be paid to endorse or review luxury products that companies think you might be interested in. YouTube is another channel you could exploit to generate an income.
Cashing in your existing investments could be another way to generate some income right now. Art that you invested in years ago could now be worth more than you paid for it. This could be sold at auction, or to another private collector. Why not create a high profile online auction for one of your outfits you are best known for?
Another benefit of selling those little-used luxury items is that it creates space to buy more! However, retail therapy might not be the best idea when you’re trying to maintain your luxury lifestyle on a budget. If you wish to be able to afford your monthly spa appointments and your luxury car payments, you need to figure out where the rest of your money goes. The best way to keep spending on track is to use a budget template to monitor it. After all, most of us know how much we can afford to spend each month. But not all of us know exactly how much we are spending.
Enjoying those little luxuries in life can bring a lot of pleasure each day. It makes sense to do what is necessary to maintain that lifestyle. But would you be prepared to give some up for the sake of others? If your revenue stream has dried up a little, this could be an option to help you until things improve financially. Trading in the car for a cheaper model is one of the easiest ways to save hundreds every month. And it does beat giving up shopping!